碳酸锂日评：偏弱震荡-20251211

Report Industry Investment Rating - Not provided Core View of the Report - The short - term fundamentals of lithium carbonate show strong supply and weak demand, and the lithium price is expected to fluctuate weakly under position limits. It is recommended to hold short positions [1] Summary by Relevant Content Lithium Carbonate Futures Market - On December 10, 2025, the main contract of lithium carbonate futures oscillated upward. The trading volume was 620,935 hands (+108,720), and the open interest was 605,453 hands (+30,032) [1] - The prices of different contracts (near - month, consecutive - one, consecutive - two, consecutive - three) all increased compared with previous data, with price increases ranging from 3,080 yuan/ton to 3,180 yuan/ton [1] Spot Market - The spot market trading was sluggish, and the basis discount widened. The price of spodumene concentrate increased, while the price of mica also rose [1] Supply and Demand - Supply: Last week, the production of lithium carbonate increased. The production of lithium carbonate from salt lakes decreased, while that from other raw materials increased [1] - Demand: Last week, the production of lithium iron phosphate and ternary materials decreased. In December, the production plan of lithium iron phosphate and lithium manganate decreased. Last week, the production of power batteries increased. In November, the month - on - month and year - on - year growth rates of new energy vehicle production and sales slowed down; the 3C shipments weakened; the growth of the production plan of energy - storage batteries in December stagnated [1] Inventory - The registered inventory was 13,680 tons (+760), and the social inventory decreased. Refineries and other sectors destocked, while downstream sectors also destocked [1] Industry News - Standard Lithium and Equinor's joint - venture Smackover Lithium project in Arkansas has attracted over $1.1 billion in financing intentions, covering 76% of the $1.45 - billion construction cost of Phase I. The project uses direct lithium extraction (DLE) technology but faces challenges such as the complexity of brine composition and the stability of recovery rates [1]